J. Ezra Merkin, the New York financier who lost more than $2.4 billion of his clients’ money in Bernard L. Madoff’s Ponzi scheme, has agreed to place his three hedge funds into receivership and turn them over to a liquidator, Guidepost Partners.

The move comes at the request of New York Attorney General Andrew M. Cuomo...

“As part of his continuing efforts to maximize the returns to investors in the funds, Mr. Merkin has agreed in principle to appoint Guidepost Partners, a leader in global investigations, security, and compliance, as the receiver for the funds while he remains available to consult regarding the wind-down at no cost to the funds,” Andrew Levander, a lawyer for Mr. Merkin, said in a statement.

Mr. Merkin collected more $470 million for managing three funds, Ariel, Gabriel and Ascot Partners, over the last decade. The three funds are said to have about $1.4 billion in assets remaining including about $700 million in Ariel, which Mr. Merkin has continued to oversee....